HC Wainwright Issues Pessimistic Forecast for CRNX Earnings

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) – Analysts at HC Wainwright lowered their FY2024 earnings per share (EPS) estimates for Crinetics Pharmaceuticals in a note issued to investors on Wednesday, November 13th. HC Wainwright analyst D. Tsao now expects that the company will earn ($3.70) per share for the year, down from their previous estimate of ($3.66). HC Wainwright currently has a “Buy” rating and a $81.00 target price on the stock. The consensus estimate for Crinetics Pharmaceuticals’ current full-year earnings is ($3.72) per share. HC Wainwright also issued estimates for Crinetics Pharmaceuticals’ Q4 2024 earnings at ($0.87) EPS, Q1 2025 earnings at ($0.88) EPS, Q2 2025 earnings at ($0.88) EPS, Q3 2025 earnings at ($0.95) EPS, Q4 2025 earnings at ($0.95) EPS, FY2025 earnings at ($3.65) EPS, FY2026 earnings at ($4.00) EPS, FY2027 earnings at ($1.95) EPS and FY2028 earnings at $2.59 EPS.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same period in the prior year, the company posted ($1.01) EPS.

A number of other research analysts have also commented on the company. Oppenheimer restated an “outperform” rating and issued a $73.00 target price (down from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. Citigroup increased their price objective on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday. JMP Securities reiterated a “market outperform” rating and set a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Friday, September 27th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $90.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $70.18.

Crinetics Pharmaceuticals Stock Up 1.3 %

Crinetics Pharmaceuticals stock opened at $59.66 on Friday. The business has a 50 day moving average price of $54.88 and a two-hundred day moving average price of $51.15. Crinetics Pharmaceuticals has a 12 month low of $27.55 and a 12 month high of $62.53. The stock has a market cap of $5.53 billion, a price-to-earnings ratio of -15.99 and a beta of 0.62.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, CFO Marc Wilson sold 25,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $51.11, for a total transaction of $1,277,750.00. Following the transaction, the chief financial officer now owns 111,092 shares in the company, valued at $5,677,912.12. The trade was a 18.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Dana Pizzuti sold 14,375 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $54.63, for a total transaction of $785,306.25. Following the completion of the transaction, the insider now directly owns 28,507 shares in the company, valued at approximately $1,557,337.41. The trade was a 33.52 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 43,410 shares of company stock worth $2,275,929. Company insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Hedge funds have recently made changes to their positions in the business. Janus Henderson Group PLC grew its stake in shares of Crinetics Pharmaceuticals by 264.1% in the first quarter. Janus Henderson Group PLC now owns 1,978,172 shares of the company’s stock valued at $92,526,000 after buying an additional 1,434,909 shares in the last quarter. Artal Group S.A. bought a new position in shares of Crinetics Pharmaceuticals in the 1st quarter valued at about $65,088,000. Driehaus Capital Management LLC increased its stake in shares of Crinetics Pharmaceuticals by 17.0% during the 2nd quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock worth $273,764,000 after purchasing an additional 885,876 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Crinetics Pharmaceuticals by 27.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company’s stock valued at $178,966,000 after purchasing an additional 814,360 shares during the last quarter. Finally, Farallon Capital Management LLC increased its position in Crinetics Pharmaceuticals by 9,840.0% during the second quarter. Farallon Capital Management LLC now owns 497,000 shares of the company’s stock worth $22,261,000 after buying an additional 492,000 shares during the last quarter. 98.51% of the stock is owned by institutional investors.

Crinetics Pharmaceuticals Company Profile

Crinetics Pharmaceuticals, Inc, a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company's lead product candidate is paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist, which is in Phase 3 trial for the treatment of acromegaly; and Phase 2 trial for treating carcinoid syndrome associated with neuroendocrine tumors.